New American Funding Mortgage Review

About New American Funding

New American Funding

Personalized Repayment Terms
Excellent Communication before, during and after the process
Self-employed mortgages, FHA, VA, Conventional 
Online applications with quick results

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service

What they're saying about New American Funding

Read All Customer Reviews

What is New American Funding?

New American Funding is a family-owned business formed in 2003 by husband-and-wife team Rick and Patty Arvielo. Since then, the company has grown from a 40-person call center into a nationally operated lender with 185 branches and $27 billion in loans serviced.

That puts the company among the industry leaders in production. New American Funding earned spots on the Scotsman Guide’s top mortgage lenders list for overall and retail volume in 2017.

New American Funding has made a particular effort to serve the Latino community. The company formed the Latino Focus Committee in 2013 to address the challenges Hispanic and Latino consumers face in their pursuit of homeownership. The committee serves the community through volunteer work and coordinating educational events for Latino Americans.

Working with New American Funding

The lender is licensed in 48 states (the exceptions are New York and Hawaii) and Washington, D.C., and has branches in 34 states. New American Funding has loan officers in each of its 150 branches. The minimum credit score to be approved for a loan at New American Funding is 580, and the lender uses a manual underwriting process that allows for unique financial situations to be considered. The company offers loans for a variety of residential property types, including:

  • Single-family homes
  • Multi-family homes
  • Manufactured homes
  • Permanently affixed mobile homes (manufactured homes built before 1976) on an owned property

New American Funding mortgage products

There are a variety from which to choose, whether you want to purchase or refinance.



Home equity

New American Funding special mortgage programs

For borrowers who want a personalized repayment term, New American Funding has created the I CAN mortgage. Borrowers with a FICO score of 620 or higher can use this program to pick a mortgage term between eight and 30 years, working around a borrower’s other financial goals, such as college planning.

I CAN mortgage customers work with a mortgage professional to determine a term that’s appropriate based on their budget and repayment goals for mortgages and refinances on their primary residence.

In addition, the lender offers self-employed mortgages. The income verification process for these mortgages includes a review of bank statements, tax forms, and profit and loss statements. The program is open to those who have been self-employed for at least two years.

The mortgage application process

How to apply. The first step in applying with New American Funding is to get a free, fully underwritten credit preapproval, which you can do online or by phone by providing information on your financial situation or allowing the lender to digitally access financial accounts. The company estimates that this takes anywhere from 24 to 48 hours. Once the application is processed and the information validated, the company can generally lock rates on demand.
Disclosure process. Loan documents and disclosures can be sent to borrowers quickly, via email if they choose or by mail. One of the reasons everything moves so quickly with this company is that instead of doing a simple pre-qualification, New American Funding does an underwritten preapproval, which means an underwriter reviews and validates your information. Because the company has its own processors and underwriters in-house, the funding process is also quicker.
Final approval. The company focuses on a preapproval rather than pre-qualification, so all the heavy lifting of verifying financials is done on the front end. So when the home is chosen, the offer is approved and the appraisal is ordered by the underwriter. Once that’s complete, and the offer is accepted, the company simply needs to update statements, credit and pay stubs for the time between the home purchase and the initial application.
Closing. Closing takes place wherever the state requires it and, when possible, with a notary at a location of the borrower’s choice.

Communication during the process

New American Funding has an online dashboard that communicates verification and documentation needs with the borrower. The dashboard also allows for upload of documents and provides updates at various milestones. In addition, borrowers can choose to be notified via text, email or phone. As part of the company’s focus on positive customer experiences, a single loan officer is assigned as a main point of contact and is always available to the borrower, even after the loan is approved and funded.

Pros and cons of a New American Funding mortgage


  • Wide variety of lending options. This ensures that borrowers can get a program suited to their individual needs.
  • I CAN mortgage. This allows borrowers to adjust payment terms based on their goals and budget.
  • Online applications with quick results. This provides a smoother, faster homebuying experience and, with e-consent, allows the whole application process to take place online.
  • A high number of branches, spread over 34 states. New American Funding’s accessibility is great for borrowers who want more traditional loan application services.
  • In-house underwriters. In addition to making approval faster, having in-house underwriters means New American Funding reviews each application and can consider special circumstances and be more flexible about underwriting and approval.
  • Resources for Latino homebuyers.


  • The company doesn’t have branches in every state. Those who want to apply in person may be out of luck if there are no branches near them.
  • The company is not licensed in all U.S. states and territories. Buyers in New York and Hawaii may not be able to secure a loan through New American Funding.
  • Approval may take longer than other online mortgage lenders. Having an underwriter preapprove borrowers can take longer than an automated approval system would.
  • There is no digital mortgage process. While the borrower can upload documents, and the online application process is responsive and automates document requests, applicants will eventually have to talk to a person through phone, text or email. This may be a negative for borrowers who prefer an all-digital experience.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.